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GDP Report Boosts Dollar; Greece in More Trouble

Gold and Silver are trading flat as the U.S. dollar is being fueled by an improving GDP number released this morning. The U.S. economy grew 2.0 percent in the third quarter, thanks to improving home building and higher spending. This is the final report regarding economic growth before the presidential election next month, and was eagerly awaited by investors.

More trouble in the eurozone is helping the dollar’s rise. One eurozone official stated, “It is clear that Greece is off track and there is no chance they will cut the debt to 120 percent of GDP in 2020 as envisaged. It will be rather 136 percent, and this would be under a positive scenario of primary budget surplus, a return to economic growth, and privatization.” Reports out of the region say that Greece will need even more aid, this time to the tune of about $39 billion.

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